According to a report from the Bermuda Stock Exchange (BSX), it has approved the world’s first Bitcoin-based Exchange Traded Fund (ETF). The regulated Brazilian fund manager Hashdex has signed a contract with Nasdaq for this purpose. It is the world’s first ever crypto-based ETF. For the “Hashdex Nasdaq Crypto Index” a total of three million shares are issued for trading on the platform. Media reports confirmed the Nasdaq partnership and the ETF, citing Hashdex CEO Marcelo Sampaio.
Several attempts have been made to issue a Bitcoin ETF on a regulated exchange such as the one in the USA. But the US Securities and Exchange Commission has always resisted these repeated attempts. Their objection was mostly that the protection against market manipulation and illegal practices was insufficient. In some cases, the applicants withdrew their plans, as happened in the case of Bitwise at the beginning of the year.
Admission hurdles in Bermuda are significantly lower
The regulatory hurdles at the Bermuda Stock Exchange are significantly lower than in Europe or the USA. Nevertheless, a signaling effect can be expected from the decision of the BSX. As the Brazilian industry portal InfoMoney reports, the fund should be live and in trading on the BSX by the end of the year. The article makes no secret of the fact that Hashdex has opted for the BSX due to the crypto-friendly regulations of Bermuda.
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Post source: First Bitcoin ETF approved in the tax haven of Bermuda